Daily Markets Broadcast: Wall Street Higher In Holiday-Shortened Session

Wall Street extended recent gains into the Independence Day holiday yesterday, with the US30 index hitting a record high. Trump’s chief economic adviser Kudlow said U.S.-China trade talks to resume by phone in the coming week.

US30USD Daily Chart

US30USD Daily Chart

  • The index rallied for a fifth day yesterday and has extended those gains to a record high of 26,984 this morning
  • the 100-day moving average at 26,015 and the 55-day average at 26,086 are on a convergence path, with a crossover likely by the end of next week
  • Mixed results from the June services PMIs released last night. The Markit version improved to 51.5 from 50.9 but the ISM equivalent fell to 55.1 from 56.9. There are no data releases today due to the Independence Day holiday.

DE30EUR Daily Chart

DE30EUR Daily Chart

  • The index rallied to an 11-month high yesterday, encouraged by the climb to record levels on Wall Street and better-than-expected PMI data
  • The index closed above the 78.6% Fibonacci retracement of the May-December drop last year at 12,581 for the first time since August 9
  • Germany’s June Markit services PMI improved to 55.8 from 55.4 while the Euro-zone reading rose to 53.6 from 52.9. Euro-zone retail sales are expected to rise 0.3% m/m in May after a 0.4% decline in April.

CN50USD Daily Chart

CN50USD Daily Chart

  • The index fell for a second consecutive day yesterday despite the gains on Wall Street
  • The index has held above the 55-day moving average at 13,163 since June 18
  • The Office of the U.S. Trade Representative confirmed that the two sides were in the process of scheduling a principal-level phone call with Chinese officials for next week. Trump again accused China and Europe of currency manipulation.

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